July import prices grew 0.2% and export prices slid 0.1%, the U.S. Labor Department said Tuesday.

Economists polled by Thomson Reuters expected import prices to gain 0.7%.

In June import prices fell 0.4%, originally reported as a 0.2% decline, and export prices posted an unrevised 0.1% dip.

Petroleum imports surged 3.2% after a 0.8% drop in June, while excluding food and fuels, import prices fell 0.4% in July after a 0.3% decline in June.

Non-petroleum imports dropped 0.5% after a 0.3% slide in June, while non-fuel imports fell 0.4% after a 0.3% drop in June.

Exports excluding food and fuels dipped 0.2% after a similar fall in June, while agricultural exports fell 0.3% and non-agricultural exports held steady.

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